This paper proposes a panel vector error correction model investigation of a quadratic relationship linking CO2 emissions, GDP levels and electric power consumption. We find that two independent long-run relationships emerge from the data. Since the null of homogeneity across units with regard...

This paper simulates the effects of three increasingly bolder reforms in the Colombian social protection system: the equalization of salaried and self-employed labor contributions; the removal of payroll taxes, parafiscales; and the complete delinking of social protection benefits from labor...

The farm level effects of policy reforms in agriculture have been discussed in the literature for a long time. However, empirical studies based on field data are not yet available. In this paper, the effects of the EU agricultural reforms in the last two decades and the introduction of the...

Recent developments in macroeconomics resurrect the view that welfare costs of inflation arise because the latter acts as a tax on money balances. Empirical contributions show that wage re-negotiations take place while expiring contracts are still in place. Bringing these seemingly unrelated...

We examine the impact of proposed changes in US legislation to allow greater use of concentrated dairy products when producing fresh milk commodities. Although this change will allow dairy producers to partially circumvent high tariff-rate quotas (TRQs) for fresh milk products, changes in dairy...

This study reports on the establishment of an extensive and detailed composite dataset to support country-level econometric studies of FDI in Thailand. This has permitted investigation in detail, for the first time, of the key macroeconomic determinants of FDI in Thailand over the period...

When does trade become a one-way relationship? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area members widened considerably, even after allowing for...

In this paper we reconstruct the macro regional government deficits of Italy and find that the aggregate deficit resulting from our estimates captures quite well the entire dynamics of the Italian national public deficit. This new data set shows that the ultimate cause of the accumulation of...

This article develops a computable general equilibrium model of Vietnam to assess the long-run likely effects of the country's equitisation programs on its national economic outcomes and industries. Equitisation is found to be pro-growth as reflected in its contribution to increasing real GDP...

Labour income taxes in Finland decreased considerably during the period 1996–2008. At the same time the Finnish economy grew rapidly. Nevertheless, there was another coincidental trend in this period: a rapid rise in inequality. This study aims to answer to what extent labour income tax...